You are on page 1of 14

Chapter 1

World Energy Demand and Economic Outlook


In the IEO2009 projections, total world consumption of marketed energy is projected
to increase by 44 percent from 2006 to 2030. The largest projected increase
in energy demand is for the non-OECD economies.
In the IEO2009 reference case, world energy consump- energy consumption was in the OECD economies; but in
tion increases from 472 quadrillion Btu in 2006 to 552 2030 their share falls to 41 percent in the reference case.
quadrillion Btu in 2015 and 678 quadrillion Btu in
2030—a total increase of 44 percent over the projection Figure 10. World Marketed Energy Consumption,
period (Figure 10 and Table 1). Total world energy use in 1980-2030
2030 is about 2 percent lower than projected in the Inter- Quadrillion Btu
800
national Energy Outlook 2008 (IEO2008), largely as the History Projections
result of a slower overall rate of economic growth in this 678
637
year’s reference case. 596
600 552
508
The current economic downturn dampens world 472
demand for energy in the near term, as manufacturing 398
and consumer demand for goods and services slow.
400 348 366
308
IEO2009 assumes, however, that most nations will begin 283
to return to trend growth within the next 12 to 24
200
months.

OECD member countries,4 for the most part, have the


0
world’s most established energy infrastructures. In
combination, they account for the largest share of 80 85 90 95 00 06 10 15 20 25 30
19 19 19 19 20 20 20 20 20 20 20
current world energy consumption. The situation is
Sources: History: Energy Information Administration (EIA),
expected to change over the projection period, however, International Energy Annual 2006 (June-December 2008),
with more rapid growth in energy demand in emerging web site www.eia.doe.gov/iea. Projections: EIA, World
non-OECD economies. In 2006, 51 percent of world Energy Projections Plus (2009).

Table 1. World Marketed Energy Consumption by Country Grouping, 2006-2030


(Quadrillion Btu)
Average Annual
Percent Change,
Region 2006 2010 2015 2020 2025 2030 2006-2030
OECD . . . . . . . . . . . . . . . . . . . . . 241.7 242.8 252.4 261.3 269.5 278.2 0.6
North America . . . . . . . . . . . . . . 121.3 121.1 125.9 130.3 135.6 141.7 0.6
Europe . . . . . . . . . . . . . . . . . . . . 81.6 82.2 84.8 87.9 90.0 91.8 0.5
Asia . . . . . . . . . . . . . . . . . . . . . . 38.7 39.5 41.8 43.1 43.9 44.6 0.6
Non-OECD . . . . . . . . . . . . . . . . . 230.8 265.4 299.1 334.4 367.8 400.1 2.3
Europe and Eurasia . . . . . . . . . . 50.7 54.0 57.6 60.3 62.0 63.3 0.9
Asia . . . . . . . . . . . . . . . . . . . . . . 117.6 139.2 163.2 190.3 215.4 239.6 3.0
Middle East . . . . . . . . . . . . . . . . 23.8 27.7 30.3 32.2 34.6 37.7 1.9
Africa . . . . . . . . . . . . . . . . . . . . . 14.5 16.2 17.7 19.1 20.6 21.8 1.7
Central and South America . . . . 24.2 28.3 30.3 32.5 35.2 37.7 1.9
Total World . . . . . . . . . . . . . . . . . 472.4 508.3 551.5 595.7 637.3 678.3 1.5
Note: Totals may not equal sum of components due to independent rounding.
Sources: 2006: Energy Information Administration (EIA), International Energy Annual 2006 (June-December 2008), web site
www.eia.doe.gov/iea. Projections: EIA, World Energy Projections Plus (2009).
4 For consistency, OECD includes all members of the organization as of March 1, 2009, throughout all the time series included in this
report.

Energy Information Administration / International Energy Outlook 2009 7


OECD energy use grows slowly over the projection countries continues over the projection period, with
period, averaging 0.6 percent per year, as compared their combined energy use increasing nearly twofold
with 2.3 percent per year for the emerging non-OECD and making up 28 percent of world energy consumption
economies (Figure 11). in 2030 in the reference case. In contrast, the U.S. share of
total world energy consumption falls from 21 percent in
China and India are the fastest-growing non-OECD
2006 to about 17 percent in 2030 (Figure 12).
economies, and they will be key world energy consum-
ers in the future. Since 1990, energy consumption as a Non-OECD Asia shows the most robust growth of all the
share of total world energy use has increased signifi- non-OECD regions, with energy use rising by 104 per-
cantly in both countries. China and India together cent from 2006 to 2030 (Figure 13). Energy consumption
accounted for about 10 percent of the world’s total in other non-OECD regions also grows strongly over the
energy consumption in 1990, but in 2006 their combined projection period, with projected increases of around 60
share was 19 percent. Strong economic growth in both percent for the Middle East and for Central and South
America and 50 percent for Africa. A smaller increase,
about 25 percent, is expected for non-OECD Europe and
Figure 11. World Marketed Energy Consumption:
Eurasia (including Russia and the other former Soviet
OECD and Non-OECD, 1980-2030
Republics), as declining population and substantial
Quadrillion Btu
500 gains in energy efficiency result from the replacement of
History Projections inefficient Soviet-era capital equipment.
400 This chapter presents an overview of the IEO2009 out-
look for global marketed energy consumption by energy
source. It includes discussions of the major assumptions
300
that form the basis for the IEO2009 projections, includ-
OECD ing macroeconomic assumptions for the key OECD and
200 non-OECD regions.
As with any set of projections, there is significant uncer-
100 Non-OECD tainty associated with the IEO2009 energy projections.
Two sets of sensitivity cases, which vary some of the
assumptions behind the projections, are also examined
0
1980 1995 2006 2015 2030 in this chapter: the high and low economic growth cases
Sources: History: Energy Information Administration (EIA), and the high and low world oil price cases. The sensitiv-
International Energy Annual 2006 (June-December 2008), ity cases are intended to illustrate alternative scenarios
web site www.eia.doe.gov/iea. Projections: EIA, World rather than to identify any bounds on uncertainty,
Energy Projections Plus (2009). which can also be affected by policy and technology
developments as well as by price and growth paths.
Figure 12. Marketed Energy Use by Region, Figure 13. Marketed Energy Use in the Non-OECD
1990-2030 Economies by Region, 1980-2030
Quadrillion Btu Quadrillion Btu
800 500
History Projections History Projections
678
Rest of World Non-OECD Europe and Eurasia 400
596 400
600 United States Central and South America
334
China and India 508 Africa
472
300 Middle East 265
398
400 348 Non-OECD Asia 231
200 167
150
200 106
100

0 0
1990 2000 2006 2010 2020 2030 1980 1990 2000 2006 2010 2020 2030
Sources: History: Energy Information Administration (EIA), Sources: History: Energy Information Administration (EIA),
International Energy Annual 2006 (June-December 2008), International Energy Annual 2006 (June-December 2008),
web site www.eia.doe.gov/iea. Projections: EIA, World web site www.eia.doe.gov/iea. Projections: EIA, World
Energy Projections Plus (2009). Energy Projections Plus (2009).

8 Energy Information Administration / International Energy Outlook 2009


Outlook for World Energy for a sizable portion of their electricity supply, remain-
ing near 25 percent in 2030.
Consumption by Source
In the transportation sector, liquids consumption is
The use of all energy sources increases over the time
relatively unaffected by projected world oil prices in the
frame of the IEO2009 reference case (Figure 14). Given
reference case. Although world oil prices in the IEO2009
expectations that world oil prices will remain relatively
reference case are 80 percent higher in 2030 than the pro-
high through most of the projection period, liquid fuels
jected prices in the IEO2008 reference case, the world’s
and other petroleum5 are the world’s slowest growing
consumption of liquids for transportation in 2030 is only
source of energy: liquids consumption increases at an
9 percent lower in IEO2009. In the absence of significant
average annual rate of 0.9 percent from 2006 to 2030.
technological advances, liquids continue to dominate
Renewables are the fastest-growing source of world
the world’s transportation markets.
energy, with consumption increasing by 3.0 percent per
year. Projected oil prices, as well as rising concern about In the industrial sector, growth in liquids consumption
the environmental impacts of fossil fuel use and strong is slower than projected in last year’s outlook. Efficiency
government incentives for increasing renewable pene- gains and fuel substitution slow the growth of liquids
tration in most countries around the world, improve the consumption in the industrial sector, especially in the
prospects for renewable energy sources worldwide. non-OECD regions, where there are more opportunities
for fuel switching. World liquids consumption for
Although liquid fuels are expected to remain the largest
energy in the industrial sector, which was projected to
source of energy, the liquids share of world marketed
increase by 1.1 percent per year from 2005 to 2030 in the
energy consumption declines from 36 percent in 2006 to
IEO2008 reference case, increases by 0.7 per year over
32 percent in 2030. The reference case assumes that
the same period in IEO2009.
world oil prices lead many energy users, especially in
the industrial and electric power sectors, to switch from Natural gas remains an important fuel for electricity
liquid fuels and other petroleum when feasible. From generation worldwide, because it is more efficient and
2006 to 2030, liquids consumption in the residential, less carbon-intensive than other fossil fuels. In the
commercial, and electric power sectors declines on a IEO2009 reference case, total natural gas consumption
worldwide basis. For example, the projections show a increases by 1.6 percent per year on average, from 104
steady decline of 0.3 percent per year in total world use trillion cubic feet in 2006 to 153 trillion cubic feet in 2030,
of liquids for electricity generation. Nonetheless, the and its use in the electric power sector increases by 2.1
countries of the Middle East continue to rely on liquids percent per year. With world oil prices assumed to
rebound following the current economic downturn and
Figure 14. World Marketed Energy Use by Fuel then rise through 2030, consumers are expected to
Type, 1980-2030 choose less expensive natural gas to meet their energy
Quadrillion Btu needs whenever possible, particularly in the industrial
250 sector, where, for example, newly constructed petro-
History Projections
chemical plants are expected to rely increasingly on nat-
200 ural gas as a feedstock.
Liquids
(Including Biofuels) World coal consumption increases by 1.7 percent per
150 year on average from 2006 to 2030 (growing by 23 qua-
drillion Btu from 2006 to 2015 and another 40 quadrillion
Coal Renewables Btu from 2015 to 2030) and accounts for 28 percent of
100
(Excluding Biofuels) total world energy consumption in 2030. In the absence
Natural Gas of policies or legislation that would limit the growth of
50 coal use, the United States, China, and India are
expected to turn to coal in place of more expensive fuels.
Nuclear Together, the three nations account for 88 percent of the
0
1980 1995 2006 2015 2030 projected net increase in coal consumption from 2006 to
Sources: History: Energy Information Administration (EIA), 2030 (Figure 15). The only decreases in coal consump-
International Energy Annual 2006 (June-December 2008), tion are projected for OECD Europe and for Japan,
web site www.eia.doe.gov/iea. Projections: EIA, World where populations are either growing slowly or declin-
Energy Projections Plus (2009). ing, electricity demand growth is slow, and renewable
5 In IEO2009, “liquid fuels and other petroleum” includes a full array of liquid product supplies, both conventional and unconventional.
Conventional liquids include crude oil and lease condensate, natural gas plant liquids, and refinery gain; unconventional liquids include
biofuels, gas-to-liquids, coal-to-liquids, and unconventional petroleum products (extra-heavy oils, oil shale, and bitumen) but do not
include compressed natural gas (CNG), liquefied natural gas (LNG), or hydrogen.

Energy Information Administration / International Energy Outlook 2009 9


energy sources, natural gas, and nuclear power are infrastructures are well established and population
likely to be chosen over coal for electricity generation. growth is relatively slow, much slower growth in gener-
ation is expected, averaging 1.2 percent per year from
Net electricity generation worldwide totals 31.8 trillion 2006 to 2030.
kilowatthours in 2030 in the reference case, 77 percent
higher than the 2006 total of 18.0 trillion kilowatthours. Currently, natural gas and coal together account for the
The strongest growth in electricity generation is pro- largest share of total world electricity generation, at
jected for the non-OECD countries. Non-OECD electric- more than 60 percent of global electricity supply. They
ity generation increases by 3.5 percent per year in the remain the world’s most important sources of supply in
reference case, as rising standards of living increase 2030, with a 64-percent share of total generation (Figure
demand for home appliances and the expansion of 16). In non-OECD Asia, where coal resources are ample,
commercial services, including hospitals, office build- higher prices for oil and natural gas make coal a more
ings, and shopping malls. In the OECD nations, where economical source of energy for electricity generation.

Renewable energy sources are the fastest-growing


Figure 15. Coal Consumption in Selected World energy source for world electricity generation in the
Regions, 1980-2030 IEO2009 reference case, increasing by an average of 2.9
Quadrillion Btu percent per year from 2006 to 2030. Much of the growth
100 is in hydroelectric power and wind power. Of the 3.3 tril-
History Projections
lion kilowatthours of new renewable generation added
80 over the projection period, 1.8 trillion kilowatthours (54
percent) is attributed to hydroelectric power and 1.1 tril-
lion kilowatthours (33 percent) to wind power (Figure
60 17). Other than hydroelectric power, most renewable
China
technologies are not able to compete economically with
40 Rest of World fossil fuels over the projection period, except in a limited
number of niche markets. Government policies and
incentives typically are the primary drivers for the
20 United States construction of renewable generation facilities.
India
As renewable energy use increases worldwide, the
0
1980 1995 2006 2015 2030 mix of fuels in the OECD and non-OECD regions differs
Sources: History: Energy Information Administration (EIA), in the reference case. In the OECD nations, the majority
International Energy Annual 2006 (June-December 2008), of economically exploitable hydroelectric resources al-
web site www.eia.doe.gov/iea. Projections: EIA, World ready have been developed. With the exception of Can-
Energy Projections Plus (2009). ada and Turkey, there are few large-scale hydroelectric

Figure 16. World Electricity Generation by Fuel, Figure 17. World Renewable Electricity Generation
2006-2030 by Source, 2006-2030
Trillion Kilowatthours Trillion Kilowatthours
40 8
Renewables Other Renewables
Coal Geothermal
30 Natural Gas 6 Wind
Nuclear Hydroelectricity
Liquids
20 4

10 2

0 0
2006 2010 2015 2020 2025 2030 2006 2010 2015 2020 2025 2030
Sources: 2006: Derived from Energy Information Adminis- Sources: 2006: Energy Information Administration (EIA),
tration (EIA), International Energy Annual 2006 (June- International Energy Annual 2006 (June-December 2008),
December 2008), web site www.eia.doe.gov/iea. Projections: web site www.eia.doe.gov/iea. Projections: EIA, World
EIA, World Energy Projections Plus (2009). Energy Projections Plus (2009).

10 Energy Information Administration / International Energy Outlook 2009


power projects planned for the future. Instead, most greenhouse gas emissions support the development of
renewable energy growth in the OECD countries is new nuclear generating capacity. Higher capacity utili-
expected to come from nonhydroelectric sources, espe- zation rates have been reported for many existing
cially wind and biomass. Many OECD countries, partic- nuclear facilities, and it is expected that most of the older
ularly those in Europe, have government policies, plants now operating in OECD countries and in
including feed-in tariffs,6 tax incentives, and mar- non-OECD Eurasia will be granted extensions to their
ket-share quotas, that encourage the construction of operating lives.
renewable electricity facilities.
There is still considerable uncertainty about the future of
In contrast to the OECD countries, hydroelectric power nuclear power, however, and a number of issues could
is expected to be the predominant source of renewable slow the development of new nuclear power plants.
energy growth in the non-OECD nations. Strong growth Plant safety, radioactive waste disposal, and the prolif-
of hydroelectric generation, primarily from mid- to eration of nuclear weapons, which continue to raise pub-
large-scale power plants, is expected in China, India, lic concerns in many countries, may hinder plans for
Brazil, Vietnam, and Laos. Growth rates for wind- new installations, and high capital and maintenance
powered electricity generation also are expected to be costs may keep some countries from expanding their
high in the non-OECD countries, with the largest incre- nuclear power programs. Nevertheless, the IEO2009
ment in China, which accounts for 88 percent of the total projection for world nuclear electricity generation in
increase in non-OECD wind generation. From 2 billion 2025 is 25 percent higher than the projection in IEO2004
kilowatthours in 2006, generation from wind plants in just 5 years ago.
China increases to 315 billion kilowatthours in 2030.
Still, the total increase in China’s wind-powered genera- Most of the expansion of installed nuclear power capac-
tion is only about one-half the expected increase in the ity is expected in non-OECD countries (Figure 19).
country’s hydroelectric generation (Figure 18). China, India, and Russia account for almost two-thirds
of the projected net increment in world nuclear power
Electricity generation from nuclear power worldwide capacity between 2006 and 2030. In the reference case,
increases from 2.7 trillion kilowatthours in 2006 to 3.0 China adds 47 gigawatts of nuclear capacity between
trillion kilowatthours in 2015 and 3.8 trillion kilowatt- 2006 and 2030, India 17 gigawatts, and Russia 21
hours in 2030 in the IEO2009 reference case, as concerns gigawatts. Several OECD nations with existing nuclear
about rising fossil fuel prices, energy security, and programs also add new net capacity in the reference

Figure 18. Renewable Electricity Generation Figure 19. World Nuclear Generating Capacity
in China by Fuel, 2006-2030 by Region, 2006, 2015, and 2030
Billion Kilowatthours Gigawatts
1,200 300
Hydroelectricity OECD Europe OECD North America
Wind OECD Asia Non-OECD Europe/Eurasia
1,000 250
Other Renewables
China India Rest of World
800 200
132

132
127

600 150
121
121
115

88

400 100
74

71
67

54
49
42

200 50
23
22

20
15
10

9
7
3

0 0
2006 2010 2015 2020 2025 2030 2006 2015 2030
Sources: 2006: Energy Information Administration (EIA), Sources: 2006: Energy Information Administration (EIA),
International Energy Annual 2006 (June-December 2008), International Energy Annual 2006 (June-December 2008),
web site www.eia.doe.gov/iea. Projections: EIA, World web site www.eia.doe.gov/iea. 2015 and 2030: EIA, World
Energy Projections Plus (2009). Energy Projections Plus (2009).

6 A feed-in tariff is an incentive structure to encourage the adoption of renewable energy through government legislation. Under a
feed-in tariff structure, regional or national electric utilities are obligated to purchase renewable electricity at a higher rate than retail, in
order to allow renewable energy sources to overcome price disadvantages.

Energy Information Administration / International Energy Outlook 2009 11


case, including South Korea with 13 gigawatts, Japan The type and amount of energy used by households
with 8 gigawatts, and the United States with 12 vary from country to country, depending on income lev-
gigawatts.7 els, natural resources, climate, and available energy
infrastructure. In general, typical households in OECD
In the United States, Title XVII of the Energy Policy Act nations use more energy than those in non-OECD
of 2005 (EPACT2005, Public Law 109-58) authorizes the nations, in part because higher income levels allow
U.S. Department of Energy to issue loan guarantees for OECD households to have larger homes and purchase
innovative technologies that “avoid, reduce, or seques- more energy-using equipment. In the United States, for
ter greenhouse gases.” In addition, subsequent legisla- example, GDP per capita in 2006 was about $43,000 (in
tive provisions in the Consolidated Appropriation Act real 2005 dollars per person), and residential energy use
of 2008 (Public Law 110-161) allocated $18.5 billion in per capita was estimated at 36.0 million Btu. In contrast,
guarantees for nuclear power plants [1]. That legislation, China’s per-capita income in 2006, at $4,550, was only
along with high fossil fuel prices, results in expected about one-tenth the U.S. level, and residential energy
increases of 12.7 gigawatts of capacity at newly built use per capita was 4.0 million Btu.
nuclear power plants between 2006 and 2030 and 3.7
gigawatts from uprates at existing plants, offset in part Although the IEO2009 projections account for marketed
by the retirement of 4.4 gigawatts of capacity at older energy use only, households in many non-OECD coun-
nuclear power plants. tries still rely heavily on traditional, nonmarketed
energy sources, including wood and waste, for heating
Delivered Energy Consumption by and cooking. Much of Africa remains unconnected to
End-Use Sector power grids, and the International Energy Agency esti-
mates that the majority of households in sub-Saharan
Understanding patterns in the consumption of energy Africa still rely on fuelwood and charcoal for cooking.
delivered to end users is important to the development More than 95 percent of rural households in Angola,
of projections for global energy use. Outside the trans- Benin, Cameroon, Chad, Congo (Kinshasa), Ethiopia,
portation sector, which at present is dominated by liquid Ghana, Sudan, and Zambia among others still use
fuels, the mix of energy use in the residential, commer- fuelwood and charcoal for cooking. [3]. Some areas of
cial, and industrial sectors varies widely by region, China and India also rely heavily on fuelwood, wood
depending on a combination of regional factors, such as waste, and charcoal for cooking. In China, about 55 per-
the availability of energy resources, levels of economic cent of the rural population uses biomass for cooking, as
development, and political, social, and demographic does 87 percent of the rural population in India.
factors. Regional economic development should displace some
Residential Sector of that use as incomes rise and marketed fuels, such as
propane and electricity, become more widely accessible.
Energy use in the residential sector, which accounted for
about 15 percent of world delivered energy consump- Commercial Sector
tion in 2006, is defined as the energy consumed by The commercial sector—often referred to as the services
households, excluding transportation uses. For residen- sector or the services and institutional sector—consists
tial buildings, the physical size of the structures is one of businesses, institutions, and organizations that pro-
key indicator of the amount of energy used by their vide services. The sector encompasses many different
occupants. Larger homes require more energy to pro- types of buildings and a wide range of activities and
vide heating, air conditioning, and lighting, and they energy-related services. Examples of commercial sector
tend to include more energy-using appliances, such as facilities include schools, stores, correctional institu-
televisions and laundry equipment. Smaller structures tions, restaurants, hotels, hospitals, museums, office
usually require less energy, because they contain less buildings, banks, and sports arenas. Most commercial
space to be heated or cooled, produce less heat transfer energy use occurs in buildings or structures, supplying
with the outdoor environment, and typically have fewer services such as space heating, water heating, lighting,
occupants. For instance, residential energy consumption cooking, and cooling. Energy consumed for services not
is lower in China, where the average residence currently associated with buildings, such as for traffic lights and
has an estimated 300 square feet of living space or less city water and sewer services, is also categorized as com-
per person, than in the United States, where the average mercial energy use.
residence has an estimated 680 square feet of living
space per person [2].
7 Additional incentives for renewable energy and improved energy efficiency measures included in ARRA2009 lower the prospects for
U.S. nuclear power. In the updated AEO2009 reference case (April 2009), the projection for U.S. nuclear generating capacity in 2030 is 2.5
gigawatts lower than in the published AEO2009 reference case (March 2009), and the net addition to U.S. installed nuclear capacity between
2006 and 2030 is 9.9 gigawatts, bringing the 2030 total to 110.1 gigawatts in the updated AEO2009 reference case, as compared with 112.6
gigawatts in the published reference case.

12 Energy Information Administration / International Energy Outlook 2009


Economic trends and population growth drive commer- level and mix of economic activity and technological
cial sector activity and the resulting energy use. The development, among other factors. Industrial energy
need for services (health, education, financial, and gov- use also includes natural gas and petroleum products
ernment) increases as populations increase. The degree used as feedstocks to produce non-energy products,
to which additional needs are met depends in large mea- such as plastics. In aggregate, the industrial sector uses
sure on economic resources—whether from domestic or more energy than any other end-use sector, consuming
foreign sources—and economic growth. about one-half of the world’s total delivered energy.

Economic growth also determines the degree to which The OECD economies generally have more energy-
additional activities are offered and utilized in the com- efficient industrial operations and a mix of industrial
mercial sector. Higher levels of economic activity and output that is more heavily weighted toward
disposable income lead to increased demand for hotels non-energy-intensive sectors than in the non-OECD
and restaurants to meet business and leisure require- countries. As a result, the ratio of industrial sector
ments; for office and retail space to house and service energy consumption to total GDP tends to be higher in
new and expanding businesses; and for cultural and lei- the non-OECD economies than in the OECD economies.
sure space such as theaters, galleries, and arenas. In the On average, industrial sector energy intensity in the
commercial sector, as in the residential sector, energy non-OECD countries is double that in the OECD
use per capita in the non-OECD countries is much lower countries.
than in the OECD countries. Non-OECD commercial
energy consumption per capita averaged only 1.3 mil- Transportation Sector
lion Btu in 2006, compared with the OECD average of Energy use in the transportation sector includes the
16.3 million Btu. energy consumed in moving people and goods by road,
rail, air, water, and pipeline. The road transport compo-
Slow population growth in most of the OECD nations nent includes light-duty vehicles, such as automobiles,
contributes to slower anticipated rates of increase in sport utility vehicles, minivans, small trucks, and motor-
commercial energy demand. In addition, continued effi- bikes, as well as heavy-duty vehicles, such as large
ciency improvements moderate the growth of energy trucks used for moving freight and buses for passenger
demand over time, as energy-using equipment is travel. Growth rates for economic activity and popula-
replaced with newer, more efficient stock. Conversely, tion are the key factors for transportation sector energy
continued economic growth is expected to include demand. Economic growth spurs increases in industrial
growth in business activity, with its associated energy output, which requires the movement of raw materials
use, in areas such as retail and wholesale trade and busi- to manufacturing sites, as well as the movement of man-
ness, financial services, and leisure services. The United ufactured goods to end users.
States is the largest consumer of commercial delivered
energy in the OECD and remains in that position For both the non-OECD and OECD economies, steadily
throughout the projection, accounting for about 44 per- increasing demand for personal travel is a primary fac-
cent of the OECD total in 2030. tor underlying projected increases in energy demand for
transportation. Increases in urbanization and in per-
In the non-OECD nations, economic activity and com- sonal incomes have contributed to increases in air travel
merce are expected to increase rapidly, fueling addi- and motorization (more vehicles per capita) in the grow-
tional demand for energy in the service sectors. ing economies. Modal shifts in the transport of goods are
Population growth also is expected to be more rapid expected to result from continued economic growth in
than in the OECD countries, portending increases in the both OECD and non-OECD economies. For freight
need for education, health care, and social services and transportation, trucking is expected to lead the growth
the energy required to provide them. The energy needed in demand for transportation fuels. In addition, as trade
to fuel growth in commercial buildings will be substan- among countries increases, the volume of freight trans-
tial, with total delivered commercial energy use among ported by air and marine vessels is expected to increase
the non-OECD nations projected to grow by 2.7 percent rapidly.
per year from 2006 to 2030.

Industrial Sector World Economic Outlook


Energy is consumed in the industrial sector by a diverse Economic growth is among the most important factors
group of industries—including manufacturing, agricul- to be considered in projecting changes in world energy
ture, mining, and construction—and for a wide range of consumption. In the IEO2009 projections, assumptions
activities, such as processing and assembly, space condi- about regional economic growth—measured in terms
tioning, and lighting. Industrial energy demand varies of real GDP in 2005 U.S. dollars at purchasing power
across regions and countries of the world, based on the parity rates—underlie the projections of regional energy

Energy Information Administration / International Energy Outlook 2009 13


demand. Although it is difficult to assess the full extent China and India. With the non-OECD economies
of the current global economic downturn, many analysts accounting for an increasing share of world GDP, their
have stated that the world is in the midst of the worst more rapid economic growth rates offset the slower
recession since World War II [4]. Nevertheless, the growth rates for the OECD economies in the reference
IEO2009 projections assume that the global downturn case.
will not be protracted and that in the mid- to long term
potential trend growth will return. Although many non-OECD economies—particularly
those strongly dependent on exports for revenues—
Over the 2006 to 2030 period, the world’s real GDP have been slowed by the economic downturn that began
growth on a purchasing power parity basis is projected in the OECD economies, a number of significant reforms
to average 3.5 percent annually in the reference case that have been implemented over the past years in key
(Table 2). In the long term, it is the ability to produce non-OECD nations have improved and are likely to con-
goods and services (the supply side) that determines the tinue improving their prospects for recovery and strong
growth potential of any country’s economy. Growth long-term growth. Improved macroeconomic policies,
potential is influenced by population growth, labor force trade liberalization, more flexible exchange rate
participation rates, capital accumulation, and produc- regimes, and lower fiscal deficits have lowered their
tivity improvements. In addition, for the developing national inflation rates, reduced uncertainty, and
economies, progress in building human and physical improved their overall investment climates. More
capital infrastructures, establishing credible regulatory microeconomic structural reforms, such as privatization
mechanisms to govern markets, and ensuring political and regulatory reform, have also played key roles. In
stability play relatively more important roles in deter- general, such reforms have resulted in growth rates over
mining their medium- to long-term growth potential. much of the past decade that are above historical rates in
many of the developing economies. Those trends are
Annual growth in world GDP over the 24-year projec- expected to resume when the OECD countries recover
tion period is about the same as the rate recorded over from the current recession and to continue into the next
the past 25 years. Growth in the more mature industrial- decades.
ized economies of the OECD is expected to be slower in
the future; but growth in the emerging non-OECD econ- OECD Economies
omies is projected to be higher in the future than in the In the IEO2009 reference case, U.S. economic growth
past. For the OECD, combined GDP increased by an slows considerably in the near term as a result of the
annual average of 2.9 percent from 1982 to 2006 but is recent downturn in financial markets, with negative real
projected to average 2.2 percent per year from 2006 to GDP growth in 2009 in spite of the expectation that the
2030. In contrast, non-OECD GDP increased by an economy will begin to recover in the fourth quarter of
annual average of 4.1 percent over the past 25 years but 2009. The recession is expected to be more severe than
is projected to average 4.9 percent per year from 2006 to the two most recent U.S. recessions, which began in
2030, based in large on the projected strong growth in 1991 and 2001. The rate of growth in real GDP depends

Table 2. World Gross Domestic Product by Country Grouping, 2006-2030


(Billion 2005 Dollars)
Average Annual
Percent Change,
Region 2006 2010 2015 2020 2025 2030 2006-2030
OECD . . . . . . . . . . . . . . . . . . . . . 35,221 37,133 42,403 47,466 52,996 59,264 2.2
North America . . . . . . . . . . . . . . 15,331 16,073 18,789 21,341 24,283 27,802 2.5
Europe . . . . . . . . . . . . . . . . . . . . 14,224 15,015 16,839 18,811 20,894 23,105 2.0
Asia . . . . . . . . . . . . . . . . . . . . . . 5,667 6,045 6,775 7,314 7,819 8,357 1.6
Non-OECD . . . . . . . . . . . . . . . . . 24,717 31,723 41,529 52,907 65,062 78,220 4.9
Europe and Eurasia . . . . . . . . . . 3,159 3,940 4,865 5,725 6,536 7,381 3.6
Asia . . . . . . . . . . . . . . . . . . . . . . 13,408 17,934 24,606 32,726 41,428 50,834 5.7
Middle East . . . . . . . . . . . . . . . . 2,053 2,484 3,030 3,621 4,300 5,102 3.9
Africa . . . . . . . . . . . . . . . . . . . . . 2,341 2,870 3,612 4,384 5,182 5,958 4.0
Central and South America . . . . 3,757 4,495 5,415 6,450 7,615 8,945 3.7
Total World . . . . . . . . . . . . . . . . . 59,939 68,856 83,932 100,373 118,058 137,484 3.5
Note: All regional real GDP numbers presented in this table are based on purchasing power parity terms.
Sources: IHS Global Insight, Inc., World Overview, Fourth Quarter 2008 (Lexington, MA, January 2009); and Energy Information
Administration, Annual Energy Outlook 2009, DOE/EIA-0383(2009) (Washington DC, March 2009).

14 Energy Information Administration / International Energy Outlook 2009


mainly on assumptions about labor force growth and region’s aging population), as well as improvements in
productivity. In the reference case, growth in real GDP the structural flexibility of the various national econo-
averages 2.4 percent per year from 2006 to 2030.8 mies [8].

Like much of the rest of the world, Canada saw its eco- After maintaining relatively robust economic growth of
nomic growth slow precipitously in 2008, to an esti- about 2.0 percent per year between 2003 and 2007,
mated 0.5 percent for the year, after several years in Japan’s GDP growth rate slowed to 0.4 percent in 2008.
which its economy expanded by nearly 3.0 percent per In the fourth quarter of 2008, exports declined by 14 per-
year. The country’s economy was strongly affected both cent and industrial output fell by an annual rate of 20
by the global economic downturn and by the rapid percent [9]. Although GDP growth should return as the
retreat of world energy prices, which sharply curtailed rest of the world’s economic situation improves after
output and revenues from its energy sector [5]. Canada’s 2010, the continuing decline in Japan’s aging labor force
relatively conservative banking system has limited its is expected to slow its economic growth to average
exposure to the “toxic assets” revealed by the financial annual rates of 1.3 percent from 2008 to 2015 and 0.5 per-
crisis in 2007-2008, but in the short run it is unlikely to cent from 2015 to 2030.
avoid the negative economic impact of global recession
More robust economic growth is projected for the rest of
[6].
OECD Asia. In South Korea, GDP growth is projected to
The strong economic ties between Canada and the average 3.3 percent per year from 2006 to 2030. The
United States, in addition to depressed world energy global downturn has led to sharp declines in exports and
prices starting in the second half of 2008, lead to slower domestic demand [10], and although the Bank of Korea
growth in the near term for Canada’s economy. After has tried to ease the pressure on its financial mar-
2010, when the world economies are expected to be in kets—both by lowering interest rates six times between
recovery and oil prices are expected to begin rising October 2008 and February 2009, to 2.0 percent, and by
(favoring an expansion of production from the country’s raising the cap on its low-rate commercial loans to $6.73
oil sands), Canada’s GDP growth averages about 2.2 billion (10 trillion Korean won) from $6.00 billion (9 tril-
percent per year through 2030 in the reference case. lion won) [11]—the country is widely believed to be in
its first recession since the banking crisis of 1998 [12]. As
Similarly, Mexico’s close relationship to the U.S. econ- world demand begins to improve after 2010, South
omy means that it too is likely to see a negative impact Korea’s GDP growth is expected to return to trend. In
from the current downturn. About 80 percent of Mex- the long term, however, its growth is expected to taper
ico’s exports are sent to the United States, and in combi- off as the growth of its labor force slows.
nation with depressed world oil prices and the global
credit crunch, its dependence on the U.S. economy has GDP growth in Australia/New Zealand averages 3.0
slowed the growth of the Mexican economy. A return to percent per year from 2006 to 2030 in the reference case.
high world oil prices and recovery of the U.S. economy Although economic growth in both Australia and New
after 2010 are expected to support a return to Mexico’s Zealand has slowed markedly with the collapse of com-
trend growth, with GDP increasing by an average of 3.4 modity prices, the Reserve Bank of Australia and the
percent per year from 2006 to 2030. Reserve Bank of New Zealand have eased monetary pol-
icies, helping to cushion the impact of the global down-
For the economies of OECD Europe, prospects in the turn [13]. Prospects in both countries are relatively
short term are dimmed by the current turbulence in healthy, given their consistent track records of fiscal pru-
international financial markets and global economic dence and structural reforms aimed at maintaining com-
recession. Their combined GDP growth is estimated to petitive product markets and flexible labor markets.
have slowed sharply, from 3.4 percent in 2006 and 3.1
percent in 2007 to 1.4 percent in 2008 and an anticipated Non-OECD Economies
contraction of 0.2 percent in 2009. Over the long term, From 2006 to 2030, economic growth in non-OECD
OECD Europe’s GDP growth is projected to average 2.0 Europe and Eurasia as a whole average 3.6 percent per
percent per year from 2006 to 2030, in line with what the year. For the past several years, the non-OECD nations
OECD considers to be potential output growth [7]. of Europe and Eurasia have largely been sheltered from
According to the International Monetary Fund, OECD global economic uncertainties, recording strong eco-
Europe’s long-term growth prospects depend on its abil- nomic growth in every year since 2000, primarily as a
ity to accelerate improvements in labor productivity result of robust domestic demand, the growth bonus
that have been lagging potential (in part because of the associated with ascension of some countries (including
8 GDP growth rates in the short term are substantially lower in the updated AEO2009 reference case (April 2009), but the long-run growth
rate over the 24 year projection period is lower by less than 0.1 percentage point than in the published reference case (March 2009). Investment
and exports show the largest downward revisions, resulting from higher projections for U.S. inflation and interest rates and lower projec-
tions for economic growth in other countries.

Energy Information Administration / International Energy Outlook 2009 15


Estonia, Latvia, Lithuania, and Slovenia) to the Euro- macroeconomic stability and ensuring that China’s large
pean Union, and the impacts of rising oil prices on domestic savings are used more efficiently.
oil-exporting nations (including Russia, Kazakhstan,
Azerbaijan, and Turkmenistan). Although India’s economy is not as dependent on
export revenues as China’s is, its growth still has slowed
In the wake of the recent problems in the global financial as the result of downturns in output from its industrial
system, it became more difficult for banks and other and agricultural sectors. Nearly two-thirds of Indian
entities in non-OECD Europe and Eurasia to gain access households depend on agriculture for their income [16].
to foreign loans, particularly in Russia, Kazakhstan, and India’s GDP growth is expected to slow in the near term,
Ukraine. The impact was softened somewhat by higher but prospects for its economy are positive in the
world market prices for commodity exports [14], but mid-term, as it continues to privatize state enterprises
with the subsequent collapse of commodity prices and and increasingly adopts free market policies. In the
worsening global economic situation, the region’s eco- IEO2009 reference case, GDP growth in India averages
nomic growth is projected to decline in the near term. In 5.6 percent per year from 2006 to 2030.
the mid- to long term, a return to high world oil prices
Accelerating structural reforms—including ending reg-
stimulates investment outlays, especially in the energy
ulatory impediments to the consolidation of labor-
sector of the Caspian region. Given the volatility of
intensive industries, labor market and bankruptcy
energy market prices, however, it is unlikely that the
reforms, and agricultural and trade liberalization—
economies of non-OECD Europe and Eurasia will be
remain essential for stimulating potential growth and
able to sustain the growth rates recently achieved until
reducing poverty in India over the medium to long term.
they achieve more broad-based diversification from
With its vast and relatively inexpensive English-
energy production and exports. The long-term growth
speaking labor force, India is well positioned to reap the
prospects for the former Soviet Republic economies of
benefits of globalization.
Eurasia hinge on their success in economic diversifica-
tion, as well as further improvements in domestic finan- Outside China and India, the impacts of the global reces-
cial and product markets. sion on the countries of non-OECD Asia are likely to
vary. The economies of export-dependent countries
Much of the growth in world economic activity between (including Hong Kong, Singapore, and Taiwan) are
2006 and 2030 is expected to occur among the nations of expected to weaken in the near term, as demand in the
non-OECD Asia, where regional GDP growth is pro- United States, Europe, and Asia declines [17]. For
jected to average 5.7 percent per year. China, non-OECD nations where domestic demand remains healthy
Asia’s largest economy, is expected to continue playing (including Vietnam and the Philippines), the impact of
a major role in both the supply and demand sides of the the global recession may be less severe [18]. Overall,
global economy. IEO2009 projects an average annual long-term economic activity in the nations of non-OECD
growth rate of approximately 6.4 percent for China’s Asia is expected to remain robust. From 2006 to 2030,
economy from 2006 to 2030—the highest among all the national economic growth rates for the region—exclud-
world’s economies. ing China and India—average 4.8 percent per year, as
Although some analysts expected that China’s economy labor force growth rates decline and economies mature.
might be decoupled from those of the United States and Rising oil production and prices have helped boost eco-
OECD Europe and thus might avoid any significant nomic growth in the oil-exporting countries of the Mid-
impact from the economic downturn in those countries, dle East, many of which have also benefited from
it seems clear that this has not been the case [15]. Exports spillover effects on trade, tourism, and financial flows
account for 35 percent of China’s GDP, with the United from the region’s oil exporters. In recent years, real GDP
States, Europe, and Asia taking 70 percent of its total growth rates in the Middle East have averaged around 6
exports. As a result, while there is some evidence that percent. Although the sharp decline in world oil prices
domestic consumer demand has remained relatively will slow economic growth in the near term, as prices
strong even as the world recession continues, manufac- recover in the mid-term, prospects for the region remain
turing and export growth have declined sharply, lead- favorable. The region’s reliance on oil revenues is
ing to a reduction in near-term economic growth. expected to continue for much of the projection period.
Structural issues that have implications for economic Substantially lower commodity prices and weak import
growth in China in the medium- to long term include demand in the United States, OECD Europe, and Asia
the pace of reform affecting inefficient state-owned are expected to dampen near-term growth potential in
companies and a banking system that is carrying a much of Africa. Africa’s national economies were able to
significant amount of nonperforming loans. In the maintain a healthy pace of aggregate economic growth,
IEO2009 reference case, development of domestic in excess of 5 percent per year, from 2000 to 2007 largely
capital markets is expected to continue, providing because of increased earnings from fossil fuel exports,

16 Energy Information Administration / International Energy Outlook 2009


strong global demand and favorable international prices growth in the short term, but the long-term prospects for
for some other export commodities, vigorous domestic Central and South America remain positive. Most coun-
demand, and significant foreign direct investment and tries in the region have flexible exchange-rates regimes,
foreign aid [19]. If the global recession results in a slow- positive trade balances, and relatively low fiscal deficits
down of foreign direct investment in the region, and public debts. Regional inflation is lower than it was
long-term economic growth may be affected. in the mid-1990s, and its relatively young labor force
supports the region’s economic growth prospects over
In the IEO2009 reference case, Africa’s combined econ- the next 30 years. Economic growth in Central and South
omy grows at an average annual rate of 4.0 percent from American averages 3.7 percent per year from 2006 to
2006 to 2030—somewhat lower than IEO2008 projection 2030 in the reference case, as the region benefits from the
of 4.5 percent. The IEO2009 projection still is optimistic expected recovery in world economic growth after 2010
by historical standards. It is supported by the region’s and foreign capital flows are revived.
strong economic activity over the past 5 years, resulting
from expansion of primary exports and robust domestic Major Sources of Uncertainty
demand in many of Africa’s national economies. Never-
theless, both economic and political factors—such as in the Projections
low savings and investment rates, lack of strong eco- Alternative Economic Growth Cases
nomic and political institutions, limited quantity and
quality of infrastructure and human capital, negative Expectations for the future rates of economic growth
perceptions on the part of international investors, pro- are a major source of uncertainty in the IEO2009 projec-
tracted civil unrest and political disturbances, and espe- tions. To illustrate the uncertainties associated with eco-
cially the impact of disease (notably HIV/AIDS)— nomic growth trends, IEO2009 includes a high economic
present formidable obstacles to growth in a number of growth case and a low economic growth case in addition
African countries. to the reference case. The two alternative growth cases
use different assumptions about future economic
The nations of Central and South America registered a growth paths, while maintaining the same relationships
combined 6-percent increase in GDP in 2004, which was between changes in GDP and changes in energy con-
their best performance in 20 years; however, their sumption that are used in the reference case.
growth prospects have been hampered by a weak inter-
national credit environment and by domestic economic In the high economic growth case, 0.5 percentage point
and/or political problems in a number of countries. The is added to the growth rate assumed for each country or
proximity of the region to the United States and the country grouping in the reference case. In the low eco-
trade relationships of its national economies with the nomic growth case, 0.5 percentage point is subtracted
slowing U.S. economy will lead to slower economic from the reference case growth rate. The IEO2009 refer-
ence case shows total world energy consumption reach-
ing 678 quadrillion Btu in 2030—278 quadrillion Btu in
Figure 20. World Marketed Energy Consumption
in Three Economic Growth Cases, the OECD countries and 400 quadrillion Btu in the
1980-2030 non-OECD countries. In the high growth case, world
Quadrillion Btu
energy use in 2030 totals 733 quadrillion Btu—55 qua-
drillion Btu (about 27 million barrels oil equivalent per
High day) higher than in the reference case. In the low growth
800 Economic case, total world energy use in 2030 is 51 quadrillion Btu
Growth
Reference (25 million barrels oil equivalent per day) lower than in
600 the reference case. Thus, the projections for 2030 in the
Low high and low economic growth cases define a range of
Economic uncertainty equal to 106 quadrillion Btu (Figure 20).
400 Growth
Alternative World Oil Price Cases
Assumptions about world oil prices are another impor-
200 tant factor that underscores the considerable uncertainty
in long-term energy market projections. The effects of
History Projections
different assumptions about future oil prices are illus-
0
1980 1995 2006 2015 2030 trated in IEO2009 by two alternative oil price cases. In
Sources: History: Energy Information Administration (EIA), the high price case, world oil prices (in real 2007 dollars)
International Energy Annual 2006 (June-December 2008), climb from $68 per barrel in 2006 to $200 per barrel in
web site www.eia.doe.gov/iea. Projections: EIA, World 2030; in the low price case, they decline to $50 per barrel
Energy Projections Plus (2009). in 2015 and remain at about that level through 2030. In

Energy Information Administration / International Energy Outlook 2009 17


comparison, world oil prices rise to $130 per barrel in The potential effects of higher and lower oil prices on
2030 in the reference case (Figure 21). world GDP can also be seen in the low and high price
cases. In the long run, on a worldwide basis, the projec-
Although the difference in world oil prices between the tions for economic growth are not affected substantially
high and low oil price cases is considerable, at $150 per by the price assumptions. There are, however, some rel-
barrel in 2030, the projections for total world energy con- atively large regional impacts. The most significant vari-
sumption in 2030 do not vary substantially among the ations are GDP decreases of around 2.0 percent in the
cases. There is, however, a larger impact on the mix of high price case relative to the reference case in 2015 for
energy fuels consumed. The projections for total world some regions outside the Middle East and, in the
energy use in 2030 in the high and low oil price cases are oil-exporting Middle East region, a 5.5-percent increase
separated by 48 quadrillion Btu (Figure 22), as compared in GDP in 2015. The regional differences persist into the
with the difference of 106 quadrillion Btu between the long term, with GDP in the Middle East about 6.2 per-
low and high economic growth cases. cent higher in 2030 in the high oil price case than in the
reference case and GDP in some oil-importing regions
(such as OECD Europe and Japan) between 2.0 percent
Figure 21. World Oil Prices in Three Price Cases, and 3.0 percent lower in the high price case than in the
1980-2030 reference case.
2007 Dollars per Barrel
250
History Projections The most substantial impacts of the high and low oil
price assumptions are on the mix of energy fuels con-
High World $200
200 sumed in each region—particularly, fossil fuels (Figure
Oil Price
23). In the high price case, total world liquids consump-
tion in 2030 is about 34 quadrillion Btu lower than pro-
150
$130 jected in the reference case, natural gas consumption in
2030 is 9 quadrillion Btu higher, and coal consumption is
100 Reference 2 quadrillion Btu higher than in the reference case. The
differences for nuclear power and renewable energy
consumption between the two cases is very small, espe-
50
Low World $50 cially in the near to mid-term, primarily because both
Oil Price energy sources are strongly influenced by government
0 policies and incentives, and prices do not have a large
1980 1995 2006 2015 2030 impact on their development.
Source: Energy Information Administration (EIA), Annual
Energy Outlook 2009, DOE/EIA-0383(2009) (Washington, DC, In the low oil price case, consumers increase their use of
June 2009), web site www.eia.doe.gov/oiaf/aeo. liquids for transportation, and there is less incentive for
movement away from liquids to other energy sources in
sectors where fuel substitution is fairly easy to achieve
Figure 22. World Marketed Energy Consumption
in Three Oil Price Cases, 2006-2030
Quadrillion Btu Figure 23. World Marketed Energy Consumption
800 in Three Oil Price Cases, 2030
High Price Reference Low Price Quadrillion Btu
300
Liquids Coal Natural Gas Renewables
600 Nuclear

200
400

200
100

0
2006 2010 2015 2020 2025 2030
Sources: History: Energy Information Administration (EIA), 0
International Energy Annual 2006 (June-December 2008), Reference High Price Low Price
web site www.eia.doe.gov/iea. Projections: EIA, World Source: Energy Information Administration, World Energy
Energy Projections Plus (2009). Projections Plus (2009).

18 Energy Information Administration / International Energy Outlook 2009


(as opposed to the transportation sector, where there are Figure 24. World Liquids Consumption in Three
few alternatives to liquid fuels). Total liquids consump- Price Cases, 2030
tion in 2030 is 28 quadrillion Btu higher in the low price Quadrillion Btu
case than projected in the reference case, reflecting 300
increased demand in all the end-use sectors. The trans-
250 244
portation sector shows the largest increase in liquids
consumption (12 quadrillion Btu) in 2030 in the low 216
200 Electric Power
price case relative to the reference case (Figure 24), fol- 182
Commercial
lowed by the industrial sector (8 quadrillion Btu) and the
electric power sector (5 quadrillion Btu). 150 Residential
Industrial
In the IEO2009 reference case, world oil prices begin to 100 Transportation
rise after 2010 and reach $130 per barrel in 2030. As a
result, liquids consumption is curtailed in countries that 50
have other fuel options available—especially in the elec-
tric power sector, where coal and other fuels can be 0
0
substituted. Worldwide use of liquids for electricity gen- Reference High Price Low Price
eration falls by 0.8 quadrillion Btu from 2006 to 2030 in Source: Energy Information Administration, World Energy
the reference case. In the low price case, consumption of Projections Plus (2009).
liquids for electricity generation increases by 3.9 qua-
drillion Btu, as the non-OECD countries retain their
oil-fired generating capacity in the lower price
France, November 2006), Annex Table 21, “Poten-
environment.
tial GDP, Employment and Capital Stock,” web site
www.oecd.org/dataoecd/5/49/37841330.xls.
References
8. International Monetary Fund, World Economic Out-
1. U.S. Department of Energy, Loan Guarantee Pro- look October 2008 (Washington, DC, October 2008),
gram, “Key Documents: Title XVII. Incentives for pp. 55-56, web site www.imf.org/external/pubs/
Innovative Technologies” (August 8, 2005), web site ft/weo/2008/02/pdf/text.pdf.
www.lgprogram.energy.gov. 9. IHS Global Insight, Global Executive Summary: The
2. After conversion (1 square meter = 10.76 square Global Outlook Has Darkened Again (Lexington, MA,
feet). Source: China Statistics 2006: Data from the February 2009), p. 3.
National Bureau of Statistics of the Peoples Republic of 10. Seo Eun-kyung, “Update 2—Bank of Korea Holds
China, “Floor Space Completed and Housing Con- Rates Amid Unease Over Currency,” Reuters India
ditions of Urban and Rural Residents,” web site News Release (March 12, 2009), web site http://in.
www.allcountries.org/china_statistics/10_32_ reuters.com.
floor_space_completed_and_housing.html. 11. “Bank of Korea Freezes Key Rate at 2%,” The Korea
3. International Energy Agency, World Energy Outlook Times (March 12, 2009), web site www.koreatimes.
2008 (Paris, France, November 2008), pp. 357 and co.kr; and M. Hadi, “The Bank of Korea’s Conun-
365. drum,” The Wall Street Journal Online (March 12,
4. See, for example, IHS Global Insight, Inc., Global 2009), web site http://online.wsj.com/article/
Executive Summary (Lexington, MA, January 2009), SB123686058646506849.html.
p. 1; and International Monetary Fund, World 12. Seo Eun-kyung, “Update 2—Bank of Korea Holds
Economic Outlook: Update (January 28, 2009), web Rates Amid Unease Over Currency,” Reuters India
site www.imf.org/external/pubs/ft/weo/2009/ News Release (March 12, 2009), web site http://in.
update/01/index.htm. reuters.com.
5. IHS Global Insight, Inc., Global Executive Summary: 13. International Monetary Fund, World Economic Out-
The Worst Recession in the Postwar Era (Lexington, look October 2008 (Washington, DC, October 2008),
MA, January 2009), p. 8. pp. 62-63, web site www.imf.org/external/pubs/
6. International Monetary Fund, “Transcript of a Con- ft/weo/2008/02/pdf/text.pdf.
ference Call on Canada’s 2009 Article IV Consulta- 14. IHS Global Insight, Global Executive Summary: The
tion” (Washington, DC, March 2009), web site Worst Recession in the Postwar Era (Lexington, MA,
www.imf.org/external/np/tr/2009/tr031109.htm. January 2009), p. 10.
7. Organization for Economic Cooperation and Devel- 15. E.J. Young, “Which Way Ahead for China?” Energy
opment, OECD Economic Outlook No. 80 (Paris, Strategies for a Turbulent Economy: Perspectives from

Energy Information Administration / International Energy Outlook 2009 19


CERAWEEK 2009 (March 2009), web site www.cera. 18. J. Hoookway, “In Vietnam, Domestic Demand
com (subscription site). Helps Cushion Downturn’s Blow,” The Wall Street
16. C. Innes, “Country Intelligence—Analysis: India: Journal (March 16, 2009), p. A2.
Growth Slows to Near Six-Year Low in India” (IHS 19. United Nations, World Economic Situation and
Global Insight, Inc., February 27, 2009), web site Prospects 2008 (New York, NY, 2008), web site
www.globalinsight.com (subscription site). www.un.org/esa/policy/wess/wesp2008files/
17. IHS Global Insight, Global Executive Summary: The wesp2008.pdf.
Worst Recession in the Postwar Era (Lexington, MA,
January 2009), p. 11.

20 Energy Information Administration / International Energy Outlook 2009

You might also like